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AllianceBernstein Holding LP AB

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Asset Manager Industry Consolidation Gathering Steam in a What's Likely to be a Decadeslong Process

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

For much of the past five years, we've believed that industry consolidation was inevitable for the traditional U.S.-based asset managers as they faced a new world order where organic growth and fees would be pressured, participants were expected to spend more on their investment operations and distribution capabilities, and profit margins were pressured. As we move forward, we expect to see a combination of capability-based transactions (aimed at filling product holes or diversifying a firm's operations by asset class/product, distribution channel or geography), transformative-scale acquisitions (which would be a hybrid of capability-based and pure-consolidation transaction) and deals that are purely aimed at the consolidation of existing fund infrastructure.

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Company Profile

Business Description

AllianceBernstein provides investment management services to institutional (43% of assets under management), retail (41%), and private (16%) clients through products that includes mutual funds, hedge funds, and separately managed accounts. At the end of October 2021, AB had $765.0 billion in managed assets, composed primarily of fixed-income (41% of AUM) and equity (45%) strategies, with other investments (made up of asset allocation services and certain other alternative investments) accounting for the remainder. The company also provides sell-side research and brokerage services through its Sanford Bernstein subsidiary.

1345 Avenue of The Americas
New York, NY, 10105
T +1 212 969-1000
Sector Financial Services
Industry Asset Management
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 3,929